Amount of Weekly Benefits Sample Clauses

Amount of Weekly Benefits a. Weekly Benefits are equal to: (1) forty (40) multiplied by the Employee’s Base Rate of Pay; and (2) the applicable percentage shown in the following table: Supplemental Unemployment Benefit Percentage Continuous Service (at the time of layoff) Weeks 3 but less than 10 60% 40% 0% 10 but less than 20 70% 50% 25% 20 and over 80% 60% 40% b. Notwithstanding the above table, the Weekly Benefits applicable to an Employee who becomes disabled while on layoff and is not physically able to return to work shall be limited to fifty-two (52) Weeks beginning with the week the Employee is recalled to work. c. The amount of a Weekly Benefit may be offset only by the amount of state unemployment benefits including dependency allowance, Trade Adjustment Allowance and any other compensation, but in no event, will the total Weekly Benefit be less than $250.00 per week. d. An Employee shall have 1 Week of Weekly Benefits reinstated for every 2 weeks worked, not to exceed a balance of 104 Weeks. Weekly Benefits Weeks shall be reinstated in the reverse order that they were applied. Any period during which Weekly Benefits Weeks are applicable shall commence with the last Week reinstated. For purposes of this paragraph, a week worked shall include any week during which a minimum of 32 hours is worked (including hours paid but not worked). Example: An Employee with 25 years Continuous Service is on layoff status for 27 consecutive weeks and 27 Weeks of Weekly Benefits are applied. His/her Benefit Percentage for the first 26 Weeks of Weekly Benefits is 80% and for the 27th Week is 60%. S/he returns to work. After 2 weeks worked, the 27th Week of Weekly Benefits is reinstated. After 4 more weeks worked, the 26th and 25th Weeks of Weekly Benefits are reinstated. If s/he is then again laid off and eligible for a Weekly Benefit, the first Week of Weekly Benefits to be applied is Week 25 (at 80%) followed by Week 26 (at 80%) and so forth.
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Related to Amount of Weekly Benefits

  • Amount of Benefits The vested amount credited to a Participant’s Account as determined under Articles 6, 7 and 8 shall determine and constitute the basis for the value of benefits payable to the Participant under the Plan.

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  • Amount of Benefit The annual benefit under this Section 3.1 is the Normal Retirement Benefit amount described in Section 2.1.1.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Vacation Leave Accrual Rate Schedule Full Years of Service Hours Per Year

  • Retirement Benefit (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wixxxxx X. Xxxxxxxx, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.

  • Regular Benefits The Executive shall also be entitled to participate in any and all employee benefit plans, medical insurance plans, life insurance plans, disability income plans, retirement plans, bonus incentive plans and other benefit plans from time to time in effect for senior executives of the Employer. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Employer and (iii) the discretion of the Board of Directors of the Employer or any administrative or other committee provided for in or contemplated by such plan.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.